Distressed companies and assets often present appealing investment opportunities for strategic and financial buyers alike. However, the acquisition of a distressed company often raises a host of legal and business risks that are not typically found in the acquisition of a healthy, solvent company. These risks include, but are not limited to, unwitting acquisition of the target company’s business obligations, fraudulent transfer liability and potential successor liability. Some acquisition methods are designed to reduce legal liability, but they are typically more expensive and require the potential acquirer to assume execution risks. Therefore, potential purchasers must be aware of the legal and strategic advantages and disadvantages that are inherent in each method of acquiring distressed companies.
Wayne H. Davis and Michael J. Riela, who are partners in the Creditors’ Rights and Business Reorganization practice group at the law firm of Tannenbaum Helpern Syracuse & Hirschtritt LLP, will discuss the most prevalent ways of acquiring distressed companies and assets, and the advantages and disadvantages of each. Wayne and Michael will discuss business considerations, as well the relevant legal issues.
Identify the legal and strategic advantages and disadvantages of various methods of acquiring distressed companies
As head of Tannenbaum Helpern’s Creditors' Rights and Business Reorganization Practice, Wayne Davis represents investment funds, financial institutions and corporate clients as secured and unsecured creditors, domestic and foreign institutional and corporate lenders in loan transactions, loan workouts and corporate restructurings, and institutional, corporate and partnership clients in mergers, acquisitions and securitization transactions.
Wayne's practice also includes the representation of investment funds and institutional creditors and acquirers and sellers of distressed businesses, assets, securities and claims.
Michael Riela advises clients in complex corporate restructuring and bankruptcy matters. He has in-depth experience in advising clients in corporate and real estate Chapter 11 and Chapter 7 bankruptcy cases, out-of-court restructurings, M&A transactions involving distressed sellers, debtor-in-possession (DIP) and bankruptcy exit loan facilities, secondary market trading of distressed debt and trade claims, and insolvency-related litigation. He has particular experience defending complex preference and fraudulent transfer cases, and with handling professional retention and fee dispute matters in bankruptcy cases. Michael’s restructuring and bankruptcy practice spans across numerous different industries, though much of his recent work is focused on the staffing, real estate, construction, retail, technology, and cannabis industries.
Excellent, outstanding presentation!
One of the 2 best LawLine presentations I have watched— very well organized, thorough and excellent pace. Not bored once!
Excellent presentation of complex material in simple and understanding manner.
Solid and straightforward.
Best one so far
I imagine this will be extremely useful in the near future.
I really enjoyed this presentation and it will help me in my everyday practice
good job at presenting very complex and complicated material
Excellent program. Highly informative!
After taking this CLE, I will definitely do further research concerning "Stalking Horse Bidding" practices.
one of the better courses
concise and clear
Very good program that is right on point.
Informative and easy to understand.
Clear explanation of a complicated topic. Got a great sense of the pros and cons of different strategies for confronting an insolvent company.
Great content and delivery.
The speaker was very knowledgeable and interesting. I would strongly recommend the courses to others.
Good topic, good speaker.
Good presentation and information.
Great presentation. Very useful.
Good review. More detail on UCC-610 would be appreciated.
Absorbing. Satisfying. Well-presented.
Very useful presentation.
Excellent program, and I practice in this field. One of the very best courses on Lawline.
Fine job. Thank you.